Indian DRI, billet, rebar update - 8 May

• IF mills' offers remain volatile d-o-d
  
  
• Sponge down d-o-d, billets fluctuate
  
  

India's induction furnace (IF) steel market continued to see some intense volatility, with mills' offers falling by INR 50-200/tonne (t) d-o-d in certain regions, but increasing by INR 100/t in other

Sponge iron prices decreased by INR 50-200/t d-o-d, with the highest drop of INR 200/t seen in Chennai.

Billet tags decreased by INR 100-150/t d-o-d, with the highest drop of INR 150/t seen in Raigarh. But prices rose by INR 100/t in Jalna.

Rebar (Fe 500) prices decreased by INR 100-200/t d-o-d. Prices dropped sharply in Raipur, by INR 200/t.

Today, market activities were slow, with a lower level of transactions observed. Mills gave discounts depending upon payment and delivery terms to liquidate their material. As per market participants, prices are likely to remain range-bound in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)